investment briefing on now, page-7

Brucey,

I think the closures are pretty widespread, and the Aussie ones quite significant, but not sure the pon wont drop further either. Could do with a decent 30 or 40 ktpa laterite closure (or two) though.

Elzephyrus,
Agree wrt the hedge book, same with PAN, mgmt seem to want us double counting, as an asset and against future costs. The classic cake case.

Also agree wrt WSA and IGO atm. MCR worth watching, as I am sure it will have it's day again.

EL